Wildfires: Apply for Taxpayer Relief Provisions
It may not be the first concern, but Canadians affected by wildfires may worry at some point about the tax consequences of lost records or missed filing deadlines – the next one on June 16 for those filing T1 returns with proprietorship income. Fortunately, the CRA offers Taxpayer Relief Provisions when there are circumstances beyond a taxpayer’s control, including natural disasters, serious illness or death in the family, or errors made by the CRA, which may trigger penalties and interest due to late or incomplete tax filings. Here’s what you need to know.New! Renovation Tax Credit Starting in 2023
Are you renovating your home to make it possible to keep an eye on a senior or disabled adult? Then you’ll be interested to know more about a new refundable tax credit starting in 2023.
Tax Planning: How To Push Back on Economic Malais
Taxpayers need to quickly sharpen financial skills for the challenging times ahead, and a good way to start is to find the right advisor for their future, says Knowledge Bureau Founder and President Evelyn Jacks, best-selling tax financial author and award-winning educator. It’s also critically important for both parties to invest anew in their financial education, especially tax education, to push back on the economic malaise predicted for 2023.
Embrace The Side Hustle: Stand out in the competitive tax services industry
Looking to increase your income or revenues in a tax or financial services practice? Embrace the demand new small business owners of a bustling “side hustle” have for qualified corporate tax services. Kickstart your career, earn more with new credentials and maximize your potential as a confident tax knowledge leader. Become a Distinguished Master Advisor by taking the new DMA Corporate Tax Services Specialist Designation Program.
REGISTER NOW: Advanced Personal Tax Update
The tax filing season is just around the corner and now is the time to shake out the cobwebs, learn about the “dark horses” of tax theory behind the lines on the new 2022 T1 return and sharpen the skills of your new and returning staff in your tax preparation office. Register by January 15 for the Advanced T1 Tax Update and check out our new rates for multiple enrolments: 2, 3 or 4 and more from your office.
Auto Expense Limits for 2023
Most limits on claiming automobile expenses by employees and proprietors will increase starting on January 1. However, you may be surprised to see which limit has not changed.
Year End Tax Tip: Correct Old Tax Returns Before Year End
There might be gold in prior filed tax returns and cash-strapped Canadians may not know about this. You too can tap into CRA’s Taxpayer Relief Provisions when there are factors beyond the taxpayer’s control that resulted in penalties or interest charges or in cases where there were errors or omissions. In fact, CRA can issue refunds for up to 10 years and that means you should review your 2012 tax returns prior to December 31. What are common missed items?
